Milk Prices to Rise Next Month

Retail milk prices will go up in October after dairy farmers decided to raise the raw milk price last month. 

The association of dairy farmers has increased the price of raw milk by W88 per liter or 8.8 percent (US$1=W1,349).

Namyang Dairy said Tuesday that it would raise the price of its 900-ml carton of milk by 4.6 percent, sending its price at large supermarkets from W2,800 to W3,000. 

Maeil Dairy also plans to increase the prices of its milk products by 4-6 percent, while Seoul Milk Cooperative announced a 3-percent increase in its milk price. Now the price of 1 liter of milk at retail stores will rise to around W3,000.

Dairy companies have agreed that the price of the most popular 0.9- to 1-liter container of milk would not exceed W3,000 at large supermarkets, to minimize the burden on consumers. But the rise in the milk price will lead to price increases of other dairy products.